This chapter discusses many types of costs:opportunity cost, total cost, fixed cost, variable cost,average total cost, and marginal cost. Fill in the typeof cost that best completes each sentence:a. What you give up in taking some action is calledthe _________.b. _________ is falling when marginal cost is below itand rising when marginal cost is above it.c. A cost that does not depend on the quantityproduced is a(n) _________.d. In the ice-cream industry in the short run,_________ includes the cost of cream and sugarbut not the cost of the factory.e. Profits equal total revenue minus _________.f. The cost of producing an extra unit of output isthe _________.

Q: 1. Explain the difference between an implicit cost and an explicit cost, and how both costs relate…

A: 1.  Implicit cost is the cost that has already occurred in the past. However, these are not direct…

Q: Question Help s Jill Johnson correct when she says the following: 1 am currently producing 10,000…

A: Average total cost is the cost per unit. Therefore, at Q=5000,  total cost is 1000.

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A: Marginal cost is the change in total cost, per unit change in output.

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A: Marginal Opportunity Cost :  Marginal Opportunity Cost may be defined as that amount of a good…

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Q: 20. If there are implicit costs of production Economic profit will be equal to accounting profit A.

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A:

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A: The given table can be completed by using the following formulas.

Q: Draw a U-shaped average total cost curve and a marginal cost curve on the same graph.

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Q: Discuss the impact of long run on cost of doing business.

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Q: . Why is the Average Total Cost curve U shaped?

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Q: Use the following table and use your previous calculations at what quantity of output does marginal…

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